It was another ugly session for Asian markets, but it could have been worse

Zhong Zhi/Getty Images

It was another rough session for Asian markets on Thursday, although, given the scale of the declines witnessed in the US session, it could have been worse.

Following a sharp drop in US markets overnight, the most acute declines were seen in stocks across the region.

The TOPIX in Tokyo fell by 1.32% to 1,555.01, extending its decline from the Tuesday’s high to 2.3%. It led losses across the broader region with Australia’s ASX 200 also coming under pressure, losing 0.82%.

However, while large declines, both closed well off their intra-session lows.

In late trade the Shanghai Composite in China is currently down 0.58%, while Hong Kong’s Hang Seng and the South Korean KOSPI have fallen by 0.3% and 0.18% respectively.

After tumbling close to 2% overnight, S&P 500 futures currently sit up 0.32% at 2,365.

In currencies, the standout performer was the Australian dollar, rising over 0.3% against the USD following the release of another strong jobs report for April.

The AUD/USD currently trades at .7455, having hit a high of .7466 earlier in the session.

Having fallen to the lowest level since the US presidential election on November 8 last year, the US dollar also found its footing, rising 0.5% against the Japanese yen and a smaller 0.25% against the euro.

USD/JPY Hourly Chart

The greenback also eked out gains against the Canadian and New Zealand dollars, as well as the British pound and Swiss franc.

After soaring in recent days on the back of increased risk aversion, gold and silver gave back some ground, falling 0.3% and 0.7% respectively.

Gold trades at $1,256.10, with silver sitting at $16.73.

Crude oil futures, reflective of the bounce in the US dollar, is trading fractionally lower. Brent sits at $52.13 a barrel, with WTI at $49.01.

Copper futures on the Shanghai futures exchange are currently down 0.8% at 45,300 yuan.

In bond markets, the yield on the benchmark 10-year US note bounced after hitting a one-month low overnight, rising to three basis points to 2.25%.

10-year yields in Australia also recovered after opening sharply lower, climbing to 2.51% from 2.47%.

The 10-year JGB yield in Japan closed at 0.043%.

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